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Property profile & analytics
OFF-MARKET
Estimated value
$2,000,000
Strip malls
5724 Patterson Ave Richmond, VA 23226-2010
Entity Owned
2-yr Hold
Free & Clear
Property ID
US87-1312087
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1948
Construction
TYPE NOT SPECIFIED
Total area
6,500 SF
Lot
0.3 ac (13,076 SF)
Zoning code
B-2 COMMUNITY BUSINESS
APN
W-020-0073-014
UPID
US87-1312087
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.00M
CAP Approach
CAP
$1.30M
Comparable Approach
Comparable
$1.66M
Blend (final)
Blend
$2.00M
Owner & transaction history
Granville Bay LLC · 2 yrs held
Granville Bay LLC
since 2024
Last sale
$2.0M
1 recorded transaction
Zoning & alternative use
B-2 COMMUNITY BUSINESS · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.8M
+71.3%
Office building
$1.2M
+12.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Richmond submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Richmond submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,000,000
ML approach
$2,000,000
CAP Approach
CAP Return
Estimation
6%
$1,405,000
6.5%
$1,295,000
7%
$1,205,000
Alternative Use
Use
Estimation
RESTAURANT
$1,830,000
Change: +71% · Conversion: Difficult
OFFICE BUILDING
$1,200,000
Change: +12% · Conversion: Moderate
Blend value · Realmo final
$2.00M
Range $1.80M – $2.20M · ±10% · vs last sale $2.00M (Jan 26 2024)
Last sale anchor
$2.00M
Jan 26 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$308 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$20
Tax year 2020
Assessed value
$1,676,000
Assessed 2024
Previous assessed
$1,501,000
+11.7% YoY
Effective rate
0.00%
On assessed value
Assessed land
$974,000
Assessed improvement
$702,000
Land market value
$974,000
Improvement market value
$702,000
Total market value
$1,676,000
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1948
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
CENTRAL
Stories
1
Rooms
12
Bathrooms
3
Total area
6,500 SF
Lot
0.3 ac (13,076 SF)
Zoning code
B-2 COMMUNITY BUSINESS
APN
W-020-0073-014
UPID
US87-1312087
Jurisdiction
RICHMOND CITY
Zoning & alternative use
B-2 COMMUNITY BUSINESS · Richmond, VA
Zoning B-2 COMMUNITY BUSINESS · permitted uses
B-2 COMMUNITY BUSINESS · Richmond, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Richmond. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$1.8M
OFFICE BUILDING
Est. value
$1.2M
RESTAURANT
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1948
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Rooms
12
Bathrooms
3
Lot
0.3 ac
Current owner
From public records · entity-resolved
Granville Bay LLC
Entity
Free & Clear · 2 yrs held
Mailing address
74 GRANVILLE BAY RD, LANCASTER, VA 22503-3459
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 26, 2024
$200,000
Granville Bay LLC
Seth Corp
Special Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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